FTSE 100 Moves In Tight Band; Fresnillo Down Sharply
(RTTNews) - UK stocks are moving in a tight range on Monday with investors mostly making cautious moves, looking ahead to the monetary policy meetings of the Federal Reserve, the European Central Bank and the Bank of Japan.
Meanwhile, on the trade front, tensions between the U.S. and China have eased a bit following negotiators from the two nations reaching a preliminary trade framework, ahead of the meeting of U.S. President Donald Trump and Chinese President Xi Jinping.
The FTSE 100 index was up 5.53 points or 0.06% at 9,651.15 a little past noon.
Glencore, Polar Capital Technology Trust, Burberry Group, Legal & General, Natwest Group, Hiscox, Scottish Mortgage, Rolls-Royce Holdings, Weir Group, GSK and Standard Chartered are up 1 to 2%.
Fresnillo is declining by 4.6%. Diageo is down 2.5% and Endeavour Mining is down by about 2.3%.
HSBC Holdings is down by about 1.3% after announcing a $1.1 billion provision for a Madoff lawsuit appeal loss in its third-quarter results. The litigation is related to investor losses from Bernard Madoff's Ponzi scheme. The case, dating back to 2009, is likely to significantly impact HSBC's third-quarter results. The bank is reportedly planning to pursue a second appeal.
Entain is down nearly 1.5%, while Mondi, WPP, LondonMetric Property, Metlen Energy & Metals and Croda International are down 1 to 1.2%.
A report from the Confederation of British Industry said distributive trades in the UK increased to -27 Net Balance in October from -29 Net Balance in September.
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